Credit Card Debt – A Student’s Story
Credit card debt is an example of unsecured consumer debt, accessed through credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. Debt accumulates and increases through interest and penalties when the consumer is not able to pay the company for the money he or she has spent. Watch this video all about a student credit card debt.
Categories: Credit Score Videos Tags: able, accumulates, credit cards, item
Improving Your Credit Score The Right Way
When you have taken some steps to clean up your finances, your credit score is bound to improve.
What you should do next is check your credit score. Don’t go overboard; don’t check it frequently. This can be a red flag to lenders. You only need to get a baseline, and then check again in about 6 to 9 months to see the progress. You can get free credit reports from different places. Always see to it though that you read the fine print, so you don’t sign up for something you have no idea about.
When you check your score, don’t just look at the number. See to it that you really go through the report. In many cases, you will find that there are many errors on the report. Such errors could cost you so much.
Look at the reports from all three credit bureaus (Experian, Equifax, and Transunion), and check every entry for accuracy. If you see a negative item on the report that is in any way inaccurate, you can file a dispute by writing a letter (not an email) to the credit bureau that logged the negative item with any documentation you have. The bureau will then investigate. Even a single negative item removed could make a remarkable difference in your score.
If you have a credit problem in the past that was supposed to be eliminated from your credit report but is still there without any reason why, you’ll need to notify the reporting bureau. These problems could be:
- Bankruptcy (should disappear after 10 years)
- Lawsuits (should disappear after seven years)
- Tax liens (should disappear after fifteen years)
If you think it’s enough, think again. Whatever cause you to have a poor credit score to begin with can easily do it to you again. Start over and get it right!
Categories: Credit Score Articles Tags: again, cleaning up finances, Credit Score, improving credit score, item, need, think
Q&A: When you pay an over-due/write-off item, how long does that (lack of a better term) “bad credit” stay on file?
Question by Bronzed: When you pay an over-due/write-off item, how long does that (lack of a better term) “bad credit” stay on file?
When I was 18 I started getting credit cards and loans, and due to youth, ignorance and inexperience I missed several payments and I believe I even have a certain card “written-off” for the amount of $ 3. Now that I make good money, I’ve accessed my credit report to pay off all fees and late items. How long will those negative marks stay on my file? I’ve heard “7 years,” I’ve heard “a few months to one year.” Obviously I am now older and wiser and wish to have- and maintain- good credit. If bad marks are on my credit report for several years, is there any way to expedite the process of having them permanently removed? Thanks!
Best answer:
Answer by TRAC
Generally, 7 years. If you pay on an item, it (according to what I’ve been told) “restarts the clock”. If you can pay something off in one lump sum, that’s best. If it’s going to be on the credit anyway, it’s better to have it paid, albeit late, than not paid at all.
I’m in the process of repairing my credit. I’ve had some charge offs as well, those close to being removed I don’t worry with. However, if something has a ways to go, I’ll pay off one at a time until they are all paid. If nothing else, it shows some effort to repair and while some creditors don’t even care about that, others will.
Good luck.
What do you think? Answer below!
Categories: Credit Score Questions Tags: better, Credit, file, item, lack, long, overdue/writeoff, stay, term